As of October 7, 2024, the spot gold price is around $2,648 per ounce, with U.S. gold futures settling at a similar value.
2. How did gold prices change today?
Gold prices experienced a slight dip today, with spot gold falling 0.2% to $2,648.21 per ounce by 1:51 p.m. ET (1751 GMT).
3. What are the current gold prices in major cities?
In India, the price of 24 carat gold is around 78,833 per 10 grams, with the rate in Delhi, Mumbai, Chennai, and Kolkata also showing a decline.
4. How do global factors influence gold prices?
Global demand, currency fluctuations, interest rates, and government policies significantly impact gold prices. The strength of the US dollar against other currencies also plays a crucial role.
5. What is the current silver price?
As of October 7, 2024, the spot silver price is around $32.11 per ounce, with silver futures also experiencing a slight dip.
6. How did silver prices change today?
Silver prices also recorded a dip, with futures maturing on December 5, 2024, trading at Rs 92,694 per kg on the MCX, down by Rs 655 or 0.70%.
7. What are the support and resistance levels for gold and silver?
Gold has support at $2,658-2,644 per troy ounce and resistance at $2,688-2,704 per troy ounce. Silver has support at $32.15-31.80 and resistance at $32.70-33.00 per troy ounce.
8. How do geo-political tensions affect gold prices?
Geo-political tensions, such as the heightening Middle East crisis, can lead to increased volatility in gold prices. This volatility can make it challenging for investors to predict future trends.
9. What is the outlook for gold and silver prices this week?
Manoj Jain, Director of Prithivi Finmart, expects gold and silver prices to remain volatile this week due to ongoing geo-political tensions and fluctuations in the dollar index.
